At Rs 1,400 crore, Lodha UK’s home sale costliest in London in 2020 – ET RealEstate

MUMBAI: Lodha UK on Sunday said it sold a penthouse and two apartments on the lower floor to an anonymous buyer in its London project recently for £140 million (around Rs 1,400 crore).

The property, No. 1 Grosvenor Square, is located in the upscale Mayfair Enclave, near the United States Embassy and Hyde Park.

The residential property had been acquired by the Mumbai-based Lodha Group in 2014 for over Rs 3,000 crore.

Gabriel York, co-chief executive officer of Lodha UK, said, “This is the most expensive home sold this year and probably amongst the top five most expensive homes ever sold. At pounds 9,200 per sq ft (almost Rs 9 lakh per sq ft), it is the most expensive home ever sold in London.”

It is learnt that the buyer will amalgamate the three apartments and convert them into a single unit spread over 15,600 sq ft. The penthouse alone is 8,100 sq ft in size.

No 1 Grosvenor Square building served as the American Embassy and then as the Canadian High Commission. It has been home to American President – John Adams in the 18th century and US ambassador to the UK, Joseph P Kennedy, who was posted in London between 1938 and 1940.

There is a replica of the Oval office in the lobby of the development. Joseph, who was the father of John F Kennedy, built an Oval office replica in the building during his stint as ambassador. The project houses thirty-nine apartments and five duplexes.

York said that the majority of the buyers are those who own and run their businesses based in the United Kingdom, including some of the top FTSE companies.

After purchasing the property in 2014, the developer restored the building facade and built the apartments behind it.

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